Last Thursday’s rally may have been overdone and Friday’s decline was as well. At least, that is what the index’s closing price from Monday is telling us. After ending Thursday’s robust rally at 3681.75, the index put that level in the rear-view mirror on Friday by closing at 3597.50.
Somehow a repeal of tax cuts in the UK has the index right back at Thursday’s closing price. The rally was in full bloom from the opening of the Globex session on Sunday night and continued in a big way during the regular session.
The question that remains is if the index can clear Friday’s/last week’s high and make a push towards 3800. For the session, the index gained 91.75 handles to close at 3689.25. That comes in just above Thursday’s close of 3681.75.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner of the top components of the index. For the session, the issue advanced by $6.89 or 6.4 percent to close at $113.79.
That was well over double the cash index’s gain of 2.65%.
The biggest loser of the top components was the smallest gainer, Johnson & Johnson Inc. (NYSE: JNJ). For the session, the issue gained $2.13 or 1.3% to close at $166.59.
PreMarket Prep Stock Of The Day: Roblox Corp (NYSE: RBLX)
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